tag:blogger.com,1999:blog-8732231891356147612024-02-18T22:10:31.727-05:00Canadian Mortgages, Insurance, Investment, Tax PlanningCanadian Mortgages, Insurance, Investment, Tax Planning
Ипотеки, Застраховки, Инвестиции и Данъчно планиране в Канадаddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.comBlogger610125tag:blogger.com,1999:blog-873223189135614761.post-2796252597099310242023-12-06T22:21:00.002-05:002023-12-06T22:21:41.430-05:00CRA Audit Notice: How Far Back Can Canada CRA Audit and Why Should I Care?<a href="https://www.incometaxgujarat.org/canada-cra-audit-notice-2023/">CRA Audit Notice: How Far Back Can Canada CRA Audit and Why Should I Care?</a><div><br /></div><div><br /></div><div><br /></div><div><h2 style="background-color: white; border: 0px; box-sizing: inherit; color: #222222; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 30px; font-weight: 400; line-height: 1.2em; margin: 0px 0px 20px; padding: 0px; text-align: justify;"><span id="CRA_Audit_Notice" style="box-sizing: inherit;">CRA Audit Notice</span></h2><p style="background-color: white; border: 0px; box-sizing: inherit; color: #222222; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 17px; margin: 0px 0px 1.5em; padding: 0px; text-align: justify;">Getting a notice of Audit from CRA can be overwhelming. But if the individuals know the right information and what to expect, it can be quite helpful for them. The Canada Revenue Agency is responsible for taxes, benefits, and various programs for the citizens of Canada.</p><div class="code-block code-block-7" style="background-color: white; box-sizing: inherit; clear: both; color: #222222; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 17px; margin: 8px auto; text-align: center;"></div><p style="background-color: white; border: 0px; box-sizing: inherit; color: #222222; font-family: -apple-system, system-ui, BlinkMacSystemFont, "Segoe UI", Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 17px; margin: 0px 0px 1.5em; padding: 0px; text-align: justify;">The CRA Audit is a way by which it can be ensured that the business is properly fulfilling its obligations. It is one method to ensure that businesses are implementing the tax laws correctly. This provides a fair tax system for all Canadians.</p></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-31750250636932098362022-12-16T17:31:00.002-05:002022-12-16T17:31:25.941-05:00Essential tax numbers: updated for 2023 | Advisor's Edge<a href="https://www.advisor.ca/tax/tax-news/essential-tax-numbers-updated-for-2023/">Essential tax numbers: updated for 2023 | Advisor's Edge</a><div><br /></div><div><br /></div><div><div>Essential tax numbers: updated for 2023</div><div><br /></div><div><br /></div><div>Working clients</div><div>Maximum RRSP contribution: The maximum contribution for 2023 is $30,780; for 2022, it’s $29,210. The 2024 limit is $31,560.</div><div>TFSA limit: In 2023, the annual limit is $6,500, for a total of $88,000 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2022 is $6,000, for a total of $81,500 in room available in 2022 for someone who has been eligible since 2009.</div><div>Maximum pensionable earnings: For 2023, the maximum pensionable earnings amount is $66,600 (up from $64,900 in 2022), and the basic exemption amount remains $3,500 for 2022 and 2023.</div><div>Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2023 is $61,500, up from $60,300 in 2022.</div><div>Lifetime capital gains exemption: The lifetime capital gains exemption is $971,190 in 2023, up from $913,630 in 2022.</div><div>Low-interest loans: The family loan rate until Dec. 31 is 3%.</div><div>Home buyers’ amount: Did your client buy a home? They may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750. (Legislation is pending that would double the amount to $10,000 for a non-refundable tax credit of up to $1,500.)</div><div>Medical expenses threshold: For the 2023 tax year, the maximum is 3% of net income or $2,635, whichever is less. For 2022, the max is 3% or $2,479.</div><div>Basic personal amount: The basic personal amount for 2023 is $15,000 for taxpayers with net income of $165,430 or less. At income levels above $165,430, the basic personal amount is gradually clawed back until it reaches $13,521 for net income of $235,675. The basic personal amount for 2022 ranges from $12,719 to $14,398.</div><div>Older clients</div><div>Age amount: Clients can claim this amount if they were aged 65 or older on Dec. 31 of the taxation year. The maximum amount they can claim in 2023 is $8,396, up from $7,898 in 2022.</div><div>OAS recovery threshold: If your client’s net world income exceeds $86,912 in 2023 or $81,761 in 2022, they may have to repay part of or the entire OAS pension.</div><div>Lifetime ALDA dollar limit: The limit is $160,000 for both 2023 and 2022.</div><div>Clients with children, dependants</div><div>Canada caregiver credit: If you have a dependant under the age of 18 who’s physically or mentally impaired, you may be able to claim up to an additional $2,499 in 2023 and $2,350 in 2022 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2023 is $7,999 and the 2022 amount is $7,525.</div><div>Disability amount: This non-refundable credit is $9,428 in 2023 ($8,870 in 2022), with a supplement up to $5,500 for those under 18 ($5,174 in 2022) that is reduced if child care expenses are claimed.</div><div>Child disability benefit: The child disability benefit is a tax-free benefit of up to $3,173 in 2023 ($2,985 in 2022) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions.</div><div>Canada child benefit: In 2023, the maximum CCB benefit is $7,437 per child under six and up to $6,275 per child aged six through 17. In 2022, those amounts are $6,997 per child under six and up to $5,903 per child aged six through 17.</div><div>Federal tax brackets</div><div>Federal bracket thresholds will be adjusted higher in 2023 by 6.3%.</div><div><br /></div><div>The 33.0% tax rate begins at taxable income of over $235,675, up from $221,708 in 2022.</div><div>The 29.0% tax rate begins at taxable income of over $165,430, up from $155,625 in 2022.</div><div>The 26.0% tax rate begins at taxable income of over $106,717 up from $100,392 in 2022.</div><div>The 20.5% tax rate begins at taxable income of over $53,359, up from $50,197 in 2022.</div><div>Income up to $53,359 is taxed at 15.0%.</div></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-12353207015512929302022-03-08T20:45:00.001-05:002022-03-08T20:45:55.555-05:004 common questions about the CRA’s principal residence exemption<a href="https://www.cpacanada.ca/en/news/canada/2021-02-12-principal-residence-exemption">4 common questions about the CRA’s principal residence exemption</a>: <div><br /></div><div><br /></div><div><p style="background-color: white; color: #231f20; font-family: "Minion Pro", Georgia, serif; font-size: 1.4375em; line-height: 1.43478; margin: 42px 0px 0px;"><strong>How long do I need to live in a residence to claim it as a principal residence and qualify for PRE?</strong></p><p style="background-color: white; color: #231f20; font-family: "Minion Pro", Georgia, serif; font-size: 1.4375em; line-height: 1.43478; margin: 42px 0px 0px;">The CRA <a href="https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c2-principal-residence.html" rel="noopener noreferrer" style="color: #006fba;" target="_blank">does not specify an exact duration of time</a> an individual or their family members, including a spouse, common-law partner or children, must reside in a dwelling for it to qualify as a principal residence for a given year. The tax rules refer to the residence being “ordinarily inhabited” within the calendar year, which is a relatively low bar. A more significant issue is whether a property held for a short period will produce an income gain or a capital gain when sold.</p></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-87187819224985461522022-03-08T20:43:00.001-05:002022-03-08T20:43:49.995-05:00Designating a Property as a Principal Residence | Revenu Québec<a href="https://www.revenuquebec.ca/en/citizens/your-situation/purchase-sale-rental-or-renovation-of-a-property/selling-your-property/designating-a-principal-residence/#:~:text=You%20can%20designate%20a%20property,occupation%20was%20only%20short%20term.">Designating a Property as a Principal Residence | Revenu Québec</a><div><br /></div><div><br /></div><div><p style="background-color: white; box-sizing: border-box; color: #4b4b4b; font-family: Roboto, Arial, Helvetica, sans-serif; font-size: 14px; letter-spacing: 0.04px; line-height: 1.32em;">You can designate a property as your principal residence for a given year only if <span style="box-sizing: border-box; font-weight: bolder;">you, your spouse, your former spouse or your child</span> ordinarily used the property as a residence during that year, even if occupation was only short term.</p><p style="background-color: white; box-sizing: border-box; color: #4b4b4b; font-family: Roboto, Arial, Helvetica, sans-serif; font-size: 14px; letter-spacing: 0.04px; line-height: 1.32em;">You can designate <span style="box-sizing: border-box; font-weight: bolder;">only one property as your principal residence for a given year</span>.</p><p style="background-color: white; box-sizing: border-box; color: #4b4b4b; font-family: Roboto, Arial, Helvetica, sans-serif; font-size: 14px; letter-spacing: 0.04px; line-height: 1.32em;">For more information on the conditions for designating a principal residence, see the section of the guide <em style="box-sizing: border-box;">Capital Gains and Losses</em> <span class="nobr" style="box-sizing: border-box; white-space: nowrap;">(<a href="https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/in-120-v/" style="background: 0px 0px; box-sizing: border-box; color: #0274a9; text-decoration-line: none;" title="IN-120">IN-120-V</a>)</span> dealing with a principal residence.</p></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-78885759042001194862020-09-24T03:08:00.001-04:002020-09-24T03:08:04.823-04:00Newcomers to Canada (immigrants) - Canada.ca<a href="https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants.html">Newcomers to Canada (immigrants) - Canada.ca</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-41188144517140803782020-05-01T02:20:00.001-04:002020-05-01T02:20:01.735-04:00Instructions for online appointment with Services Financiers Daniel KATEV<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/6rd4aFtP4AA" width="480"></iframe><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-4809681120398579832018-12-13T15:24:00.001-05:002018-12-13T15:24:22.435-05:00Income Tax Folio S1-F3-C1, Child Care Expense Deduction - Canada.ca<a href="https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c1-child-care-expense-deduction.html?utm_source=tax-techpub&utm_medium=eml">Income Tax Folio S1-F3-C1, Child Care Expense Deduction - Canada.ca</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-71797397809313009492018-03-28T17:33:00.001-04:002018-03-28T17:33:39.516-04:00Revenu Québec- RénoVert Tax Credit Extended<a href="https://www.revenuquebec.ca/en/press-room/tax-news/details/2018-03-28-1/">Revenu Québec- RénoVert Tax Credit Extended</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-86486709817929345302018-03-28T12:08:00.001-04:002018-03-28T12:08:04.746-04:00Revenu Québec- Ensuring Tax Fairness in the Digital Economy<a href="https://www.revenuquebec.ca/en/press-room/tax-news/details/2018-03-27/#">Revenu Québec- Ensuring Tax Fairness in the Digital Economy</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-33587384667528101752016-10-14T22:48:00.001-04:002016-10-14T22:51:12.667-04:00<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: left;">
<a href="http://www.bloombergtv.bg/v-razvitie/2016-10-14/kak-shte-pomogne-sporazumenieto-s-kanada-na-balgarite-ot-dvete-strani-na-okeana" target="_blank">Интервю в Boomberg TV Bulgaria:</a></h2>
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<span style="box-shadow: rgb(255, 255, 255) 10px 0px 0px; padding-top: 3px;"><a href="http://www.bloombergtv.bg/v-razvitie/2016-10-14/kak-shte-pomogne-sporazumenieto-s-kanada-na-balgarite-ot-dvete-strani-na-okeana" target="_blank">Как ще помогне споразумението с Канада на българите от двете страни на океана</a></span></h1>
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<div style="background-color: white; color: #222222; float: left; font-family: Conv_AGGLORIAC; font-size: 28px; line-height: 34px; margin-bottom: 20px; margin-top: 30px; padding: 0px;">
<a href="http://www.bloombergtv.bg/v-razvitie/2016-10-14/kak-shte-pomogne-sporazumenieto-s-kanada-na-balgarite-ot-dvete-strani-na-okeana" target="_blank">Даниел Кътев, финансов съветник, В развитие, 14.10.2016</a></div>
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<div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-83999830490789930282016-05-02T14:43:00.001-04:002016-05-02T14:43:37.384-04:00Do you owe income tax? Here’s how to make paying as easy as 1, 2, 3!<a href="http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tfsk15-eng.html?rss">Do you owe income tax? Here’s how to make paying as easy as 1, 2, 3!</a><br /><br />
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<h1 id="wb-cont" property="name">Do you owe income tax? Here’s how to make paying as easy as 1, 2, 3! </h1><div class="wb-share text-right mrgn-tp-lg mrgn-bttm-lg wb-init wb-share-inited" id="wb-auto-1"><section class="shr-pg modal-dialog modal-content overlay-def mfp-hide" id="shr-pg0"><header class="modal-header"><h2 class="modal-title" id="lbx-title">Share this page</h2></header><div class="modal-body"><ul class="list-unstyled colcount-xs-2"><li><a class="shr-lnk bitly btn btn-default" href="https://bitly.com/a/bitmarklet?u=http%3A%2F%2Fwww.cra-arc.gc.ca%2Fnwsrm%2Ftxtps%2F2016%2Ftfsk15-eng.html%3Frss" target="_blank">bitly</a></li>
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</ul><div class="col-sm-12 shr-dscl">No endorsement of any products or services is expressed or implied.</div><div class="clearfix"></div></div></section><a aria-controls="shr-pg0" class="shr-opn wb-lbx wb-lbx-inited wb-init" href="http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tfsk15-eng.html?rss#shr-pg0" id="wb-auto-2"><span class="glyphicon glyphicon-share"></span>Share this page</a></div><h2><strong>Did you know? </strong></h2>Most Canadian income tax and benefit returns for 2015 are due on April 30, 2016. However, as this date is a Saturday, the Canada Revenue Agency (CRA) will consider your return as filed on time and your payment to be made on time if the CRA receives your submission or it is postmarked by midnight on May 2, 2016.<br /><br />
Self-employed individuals and their spouses or common-law partners have until June 15, 2016, to file their income tax and benefit return, but any balance owing is still due no later than May 2, 2016.<br /><br />
If you received income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. We will issue you a reminder if we think that you may have to pay by instalments. Failing to pay <strong>in full and on time</strong> will result in interest charges, and could lead to legal actions by the CRA.<br /><br />
<h2><strong>Payment Methods</strong></h2>More and more Canadians are paying their taxes online. When you pay online, you can make your payment anytime, from anywhere! Last year, we received over six million payments from individual filers online.<br /><br />
There are several secure ways to make a payment to the CRA.<br /><br />
<h2><strong>Online payment options</strong></h2><ul><li><strong>Online banking:</strong> <ol><li>Sign in to your financial institution's online banking service.</li>
<li>Under 'add a payee', look for CRA (revenue)-(2015)-tax owing, CRA (revenue)-past tax owed, CRA (revenue)-tax instalment or a similar payee and select the one that applies to you.</li>
<li>Be sure to enter your account number (either your social insurance number or business number) carefully to avoid a lost or misapplied payment.</li>
</ol></li>
</ul><ul><li><strong>Debit card:</strong> Use <a href="http://www.cra-arc.gc.ca/esrvc-srvce/tx/mypymnt/menu-eng.html">My Payment</a>, the CRA’s online payment service. It allows individuals and businesses to make payments using <em><strong>Interac</strong></em>® Online.<br /> </li>
<li><strong>Credit card:</strong> The CRA offers the option of paying taxes using a credit card through a third-party service provider that offers additional payment methods. Third-party providers charge a fee for their service. The CRA may charge you penalties and interest if your payment is late; the CRA receives your payment on the date the service provider sends the funds to the CRA—contact the service provider to find out about processing delays. The only provider that currently offers the credit card option is listed below for your convenience.<br /> <ul><li><a href="http://plastiq.com/cra">Plastiq</a> (T2 Corporation and T1 Individual)<br /> </li>
</ul></li>
<li><strong>Pre-authorized debit: </strong>Pre-authorized debit lets you set up a payment to be made from your bank account to the CRA on a pre-set date. You can pay an overdue amount or make instalment payments. You can set up a pre-authorized debit agreement at your convenience using the CRA's <a href="http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html">My Account</a> service. For more information, go to <a href="http://www.cra-arc.gc.ca/prthrzddbt-eng.html">Pre-authorized debit</a>.</li>
</ul>For other payment methods, go to <a href="http://www.cra-arc.gc.ca/payments">www.cra.gc.ca/payments</a>.<br /><br />
<h2><strong>Payment arrangements</strong></h2>If you cannot pay your balance owing by the tax-filing season deadline, you can make a payment arrangement in one of the followings ways:<br /><br />
<ul><li>make a pre-authorized debit payment agreement using <a href="http://www.cra-arc.gc.ca/myaccount">My Account</a>;</li>
<li>call the CRA's TeleArrangement telephone service at 1-866-256-1147; or</li>
<li>call the CRA's debt management call centre at 1-888-863-8657 to speak to an agent.</li>
</ul><h2><strong>The CRA’s online services make filing and managing your taxes easier</strong></h2>The CRA's online services are fast, easy, and secure. You can use them to help file your income tax and benefit return, make a payment, track the status of your return, register for online mail, apply for child benefits, and more. Access the CRA’s full suite of self-service options—register for My Account at <a href="http://www.cra-arc.gc.ca/myaccount">www.cra.gc.ca/myaccount</a> today, and start managing your tax matters online!<div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-16865538058832333872016-03-18T01:03:00.001-04:002016-03-18T01:03:53.418-04:00Self-Directed RRSP - Products - Genworth Canada<a href="http://genworth.ca/en/products/self-directed-rrsp-program.aspx">Self-Directed RRSP - Products - Genworth Canada</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-4138235292973978772015-12-03T19:55:00.001-05:002015-12-03T19:55:16.788-05:00Protect yourself against fraud<a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/menu-eng.html">Protect yourself against fraud</a><br /><br />
<br /><br />
<h2 id="h1" style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 26px; line-height: 1.1; margin-bottom: 11.5px; margin-top: 38px;">Know how to recognize a scam</h2><div class="col-sm-5 mrgn-tp-lg pull-right" style="background-color: white; box-sizing: border-box; color: #333333; float: right !important; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-top: 30px; min-height: 1px; padding-left: 15px; padding-right: 15px; position: relative; width: 352.5px;"><div class="panel panel-info" style="border-radius: 4px; border: 1px solid rgb(188, 233, 241); box-shadow: rgba(0, 0, 0, 0.0470588) 0px 1px 1px; box-sizing: border-box; margin-bottom: 23px;"><div class="panel-heading" style="background-color: #d9edf7; border-bottom-style: solid; border-bottom-width: 1px; border-color: rgb(188, 233, 241); border-top-left-radius: 3px; border-top-right-radius: 3px; box-sizing: border-box; color: #31708f; padding: 10px 15px;"><h4 class="panel-title" id="h2" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 18px; line-height: 1.1; margin-bottom: 0px; margin-top: 0px;">Examples of fraudulent communications</h4></div><ul class="list-group" style="box-sizing: border-box; margin-bottom: 0px; margin-top: 0px; padding-left: 0px;"><li class="list-group-item" style="border-color: rgb(221, 221, 221); border-radius: 0px; border-style: solid; border-width: 0px 0px 1px; box-sizing: border-box; display: block; margin-bottom: -1px; padding: 10px 15px; position: relative;"><a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/frdlnttlphn-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">telephone</a></li>
<li class="list-group-item" style="border-color: rgb(221, 221, 221); border-radius: 0px; border-style: solid; border-width: 1px 0px; box-sizing: border-box; display: block; margin-bottom: -1px; padding: 10px 15px; position: relative;"><a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/frdlntlttr-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">letter</a></li>
<li class="list-group-item" style="border-color: rgb(221, 221, 221); border-radius: 0px; border-style: solid; border-width: 1px 0px; box-sizing: border-box; display: block; margin-bottom: -1px; padding: 10px 15px; position: relative;"><a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/frdlntmls-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">emails</a></li>
<li class="list-group-item" style="border-color: rgb(221, 221, 221); border-radius: 0px; border-style: solid; border-width: 1px 0px; box-sizing: border-box; display: block; margin-bottom: -1px; padding: 10px 15px; position: relative;"><a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/mbltxtmssgs-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">text messages</a></li>
<li class="list-group-item" style="border-left-color: rgb(221, 221, 221); border-left-style: solid; border-radius: 0px 0px 3px 3px; border-right-color: rgb(221, 221, 221); border-right-style: solid; border-top-color: rgb(221, 221, 221); border-top-style: solid; border-width: 1px 0px 0px; box-sizing: border-box; display: block; margin-bottom: 0px; padding: 10px 15px; position: relative;"><a href="http://www.cra-arc.gc.ca/scrty/frdprvntn/nln-rfnd-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">online refund forms</a></li>
</ul></div></div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">There are many <a href="http://www.antifraudcentre-centreantifraude.ca/fraud-escroquerie/index-eng.htm" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">fraud types</a>, including new ones invented daily.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">Taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number, bank account number, or passport number.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">These scams may insist that this personal information is needed so that the taxpayer can receive a refund or a benefit payment. Cases of fraudulent communication could also involve threatening or coercive language to scare individuals into paying fictitious debt to the CRA. Other communications urge taxpayers to visit a fake CRA website where the taxpayer is then asked to verify their identity by entering personal information. <span style="box-sizing: border-box; font-weight: 700;">These are scams</span> and taxpayers should never respond to these fraudulent communications or click on any of the links provided.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">To identify communications not from the CRA, be aware of these guidelines.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;"><span style="box-sizing: border-box; font-weight: 700;">If you receive a call saying you owe money to the CRA, you can call us or check <a href="http://www.cra-arc.gc.ca/myaccount" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">My Account</a> to be sure.</span></div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">If you have signed up for <a href="http://cra-ut.isvcs.net/esrvc-srvce/tx/ndvdls/nlnml-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">online mail</a> (available through My Account, My Business Account, and Represent a Client),<span style="box-sizing: border-box; font-weight: 700;">the CRA will do the following</span>:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">send a registration confirmation email to the address you provided for online mail service for an individual or a business; and</li>
<li style="box-sizing: border-box;">send an email to the address you provided to notify you when new online mail is available to view in the CRA's secure online services portal.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;"><span style="box-sizing: border-box; font-weight: 700;">The CRA will not do the following:</span></div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">send email with a link and ask you to divulge personal or financial information;</li>
</ul><div class="panel panel-default" style="background-color: white; border-radius: 4px; border: 1px solid rgb(221, 221, 221); box-shadow: rgba(0, 0, 0, 0.0470588) 0px 1px 1px; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 23px;"><div class="panel-heading" style="background-color: whitesmoke; border-bottom-style: solid; border-bottom-width: 1px; border-color: rgb(221, 221, 221); border-top-left-radius: 3px; border-top-right-radius: 3px; box-sizing: border-box; padding: 10px 15px;"><h2 class="panel-title" style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 18px; line-height: 1.1; margin-bottom: 0px; margin-top: 0px;">Exception:</h2></div><div class="panel-body" style="box-sizing: border-box; padding: 15px;"><div style="box-sizing: border-box; margin-bottom: 11.5px;">If you call the CRA to request a form or a link for specific information, a CRA agent will <span style="box-sizing: border-box; font-weight: 700;">forward the information you are requesting to your email during the telephone call</span>. This is the <span style="box-sizing: border-box; font-weight: 700;">only circumstance</span> in which the CRA will send an email containing links.</div></div></div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">ask for personal information of any kind by email or text message.</li>
<li style="box-sizing: border-box;">request payments by prepaid credit cards.</li>
<li style="box-sizing: border-box;">give taxpayer information to another person, unless formal authorization is provided by the taxpayer.</li>
<li style="box-sizing: border-box;">leave personal information on an answering machine.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">When in doubt, ask yourself the following:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">Did I sign up to receive online mail through My Account, My Business Account, or Represent a Client?</li>
<li style="box-sizing: border-box;">Did I provide my email address on my income tax and benefit return to receive mail online?</li>
<li style="box-sizing: border-box;">Am I expecting more money from the CRA?</li>
<li style="box-sizing: border-box;">Does this sound too good to be true?</li>
<li style="box-sizing: border-box;">Is the requester asking for information I would not provide in my tax return?</li>
<li style="box-sizing: border-box;">Is the requester asking for information I know the CRA already has on file for me?</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">If you do have a debt with the CRA and can't pay in full, take action right away. For more information, go to <a href="http://www.cra-arc.gc.ca/gncy/cllctns/menu-eng.html" style="background-color: transparent; box-sizing: border-box; color: #7834bc;">When you owe money – collections at the CRA</a>.</div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-89898846194544422322015-04-24T22:31:00.001-04:002015-04-24T22:31:23.868-04:00The Money Management Newsletter - Bulletin<a href="http://www.fiscalagents.com/newsletter/emailnews/bull_1504_fixrrspovercontributions.htm">The Money Management Newsletter - Bulletin</a><br /><br />
<br /><br />
<table border="0" cellpadding="5" cellspacing="0" style="background-color: white; font-family: Georgia, Arial, Helvetica, sans-serif; width: 100%px;"><tbody>
<tr><td class="txtBullTitle" style="font-family: 'Gill Sans MT', Arial, Helvetica, sans-serif; font-size: 20pt; font-weight: bold;">How to fix RRSP overcontributions<br /><span class="txtBullAuthor" style="font-size: 12pt;">By Jessica Bruno, December 5, 2014</span></td></tr>
<tr><td class="txtBullBody" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 12pt; text-align: justify;"><table align="right" border="0" cellpadding="10" cellspacing="0"><tbody>
<tr><td><b><img border="1" height="270" src="http://www.fiscalagents.com/graphics/emailnews/100dollar.jpg" width="360" /></b></td></tr>
</tbody></table><b>Why read this?</b><ul><li>You have an RRSP</li>
<li>You’ve exceeded your contribution limit</li>
</ul><b>What’s an overcontribution?</b><br /><br />
If you have undeducted RRSP contributions exceeding your deduction limit by more than $2,000, you’ve overcontributed.<br /><br />
<b>What to do</b><br /><br />
<b>STEP ONE: </b>Decide whether or not to withdraw the money.<br /><br />
Canada Revenue Agency (CRA) may penalize overcontributions above the $2,000 cushion by 1% of the excess amount per month, but you aren’t obligated to withdraw the money, says Sandy Kirkwood-Pearce, owner and president of Sleegers Kirkwood-Pearce. “If the investment is doing really well, the consequences of the overpayment penalty […] might be overshadowed,” she says.<br /><br />
<b>STEP TWO:</b> If you decide to remove the money, ask CRA to waive withholding tax.<br /><br />
<ol><li>Use Part 1 of <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t3012a/t3012a-14e.pdf" target="_blank">Form T3012A Tax Deduction Waiver on the Refund of your Unused RRSP, PRPP, SPP, or RRIF Contributions made in ___ (year)</a> to calculate the amount the RRSP administrator can refund without withholding tax.</li>
<li>Under Part 2, designate which RRSP to withdraw the money from, and a destination account.</li>
<li>Attach proof of the overcontributions, such as certified copies of receipts, and send four copies of the form to CRA.</li>
<li>If CRA approves, it will return three signed copies of the form.</li>
<li>Send the copies to your financial institution.</li>
<li>Once the withdrawal is done, the institution will return two copies.</li>
</ol><b>TIP:</b> Filling out the T3012 may not be worth the time, or the accountant’s fees, if there’s little tax to be withheld, says Karen Slezak, a tax partner at Crowe Soberman LLP. “Withdraw the overcontribution and don’t worry that there will be some withholding tax,” she says. The tax withheld will count toward your annual tax return. Take the money out in batches under $5,000 to minimize withholding tax, Slezak adds.<br /><br />
<b>STEP THREE:</b> Ask CRA to waive the 1% monthly excess contribution tax.<br /><br />
- CRA may approve your request, if:<br /><br />
<ol><li>your excess contributions arose due to a reasonable error; and</li>
<li>you’re withdrawing, or have withdrawn, the excess contributions.</li>
</ol>- To make a request fill out <a href="http://www.cra-arc.gc.ca/E/pbg/tf/rc4288/rc4288-14e.pdf" target="_blank">Form RC4288 Request for Taxpayer Relief – Cancel or Waive Penalties or Interest</a> or write to CRA explaining:<br /><br />
i. why the error was made, and why it’s reasonable; and<br /><br />
ii. any steps you’ve taken to eliminate the excess contributions. Include copies of supporting documents, such as RRSP statements, that show you have withdrawn the excess funds, and any correspondence related to the error.<br /><br />
<b>STEP FOUR: </b>If CRA assesses the unused contribution room as a negative amount, you received gift money in your RRSP or you contributed money to your partner’s RRSP without claiming a tax deduction, you may have to submit Form T1-OVP Individual Tax Return for RRSP Excess Contributions.<br /><br />
<ol><li>Determine whether you should submit the form with <a href="http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/t1vp-eng.html" target="_blank">CRA’s T1-OVP quiz.</a></li>
<li>If necessary, complete Form T1-OVP.</li>
<li>Send CRA the form and outstanding tax.</li>
</ol>WARNING: Payment is due 90 days after the end of the tax year. Starting on day 91, CRA charges compound daily interest on unpaid tax or penalties, a late filing penalty of 5% of the balance owing, and 1% of the balance for every month a return is late.<br /><br />
<b>STEP 5:</b> Complete your <a href="http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html" target="_blank">annual return</a>.<br /><br />
<ul><li>If you paid withholding tax:<ul><li>Fill out form <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t746/t746-12e.pdf" target="_blank">T746</a> Calculating Your Deduction for Refund of Unused RRSP Contributions.</li>
</ul></li>
</ul>i. Enter the amount on Line 11 of the T746 on Line 232 of the return.<br /><br />
<b>TIP:</b> Complete a separate T476 for each year of overcontributions.<br /><br />
<ul><li>Write the amount in Box 20 of your <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t4rsp/t4rsp-13b.pdf" target="_blank">T4RSP Statement of RRSP Income</a> slip on Line 129 of the return.</li>
<li>Submit the T746 and T4RSP with your return.</li>
<li>If you didn’t pay withholding tax and have already filed the T1-OVP, complete your return as usual, says Kirkwood-Pearce.</li>
</ul></td></tr>
</tbody></table><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-70523174773569105122015-03-03T22:31:00.001-05:002015-03-03T22:31:18.057-05:00Revenu Québec souhaite économiser 5 millions $ en papier<a href="http://tvanouvelles.ca/lcn/economie/archives/2015/01/20150119-120611.html#.VPZ8admT0WY.blogger">Revenu Québec souhaite économiser 5 millions $ en papier</a><br /><br />
<br /><br />
<div id="boxSurtiTitre" style="background: rgb(0, 0, 0); font-family: arial, helvetica; font-size: 14px; padding: 10px;"><h2 style="color: white; font-size: 19px; font-weight: normal; margin: 0px; padding: 0px;">mpôtNet</h2><h1 style="color: white; font-family: arial; font-size: 28px; font-weight: normal; margin: 0px; padding: 0px;">Revenu Québec souhaite économiser 5 millions $ en papier</h1></div><div id="dateMaj" style="background-color: white; color: #6c6969; font-family: arial, helvetica; font-size: 14px; padding: 10px 0px 15px;">Première publication <span style="font-weight: bold;">19 janvier 2015 à 12h06</span></div><div class="clearer" style="background-color: white; clear: both; font-family: arial, helvetica; font-size: 14px; height: 0px; overflow: hidden;"></div><div id="gaucheBasDoub" style="background-color: white; font-family: arial, helvetica; font-size: 14px; padding: 12px 0px 0px; width: 650px;"><div id="colUne" style="float: left; width: 470px;"><div id="blocPhoto" style="border-color: rgb(255, 255, 255); border-style: solid; border-width: 0px 0px 1px; position: relative; width: 445px;"><div id="detection_photo"><table style="border-collapse: collapse; height: 250px; margin: 0px; padding: 0px; width: 445px;"><tbody>
<tr><td style="padding: 0px; text-align: center;"><div class="imgPhot" style="margin: 0px; padding: 0px;"><img alt="Revenu Québec souhaite économiser 5 millions $ en papier" height="250" src="http://tvanouvelles.ca/archives/lcn/economie/media/2015/01/20150119-120611-g.jpg" style="border: 0px;" title="Revenu Québec souhaite économiser 5 millions $ en papier" width="445" /></div></td></tr>
</tbody></table><div id="listeIcone2" style="background: none 0px 0px repeat scroll rgb(0, 0, 0); padding: 0px 0px 5px; width: 445px;"><div id="creditPh" style="color: white; float: left; font-size: 10px; padding: 2px 10px;">Crédit photo : capture d'écran, Revenu Québec</div><div class="clearer" style="clear: both; height: 0px; overflow: hidden;"></div><div id="vignet" style="color: white; font-size: 12px; padding: 2px 10px;"></div></div></div></div><div class=" fb_reset" id="fb-root" style="background: none; border-spacing: 0px; border: 0px; cursor: auto; direction: ltr; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 1; margin: 0px; overflow: visible; padding: 0px; text-shadow: none; visibility: visible; word-spacing: normal;"><div style="height: 0px; overflow: hidden; position: absolute; top: -10000px; width: 0px;"><div></div></div><div style="height: 0px; overflow: hidden; position: absolute; top: -10000px; width: 0px;"><iframe allowtransparency="true" aria-hidden="true" frameborder="0" id="fb_xdm_frame_http" name="fb_xdm_frame_http" scrolling="no" src="http://static.ak.facebook.com/connect/xd_arbiter/rFG58m7xAig.js?version=41#channel=f19f980d1c&origin=http%3A%2F%2Ftvanouvelles.ca" style="border-style: none;" tabindex="-1" title="Facebook Cross Domain Communication Frame"></iframe><iframe allowtransparency="true" aria-hidden="true" frameborder="0" id="fb_xdm_frame_https" name="fb_xdm_frame_https" scrolling="no" src="https://s-static.ak.facebook.com/connect/xd_arbiter/rFG58m7xAig.js?version=41#channel=f19f980d1c&origin=http%3A%2F%2Ftvanouvelles.ca" style="border-style: none;" tabindex="-1" title="Facebook Cross Domain Communication Frame"></iframe></div></div><div style="clear: both; height: 10px; overflow: hidden;"></div><div style="width: 300px;"><div style="float: left; height: 25px; overflow: visible; width: 140px;"><fb:like action="recommend" class=" fb_iframe_widget" colorscheme="light" fb-iframe-plugin-query="action=recommend&app_id=&color_scheme=light&container_width=0&font=arial&href=http%3A%2F%2Ftvanouvelles.ca%2Flcn%2Feconomie%2Farchives%2F2015%2F01%2F20150119-120611.html&layout=button_count&locale=fr_CA&sdk=joey" fb-xfbml-state="rendered" font="arial" layout="button_count" style="display: inline-block; position: relative;"><span style="display: inline-block; height: 20px; position: relative; text-align: justify; vertical-align: bottom; width: 131px;"><iframe allowtransparency="true" class="" frameborder="0" height="1000px" name="f12f32445" scrolling="no" src="http://www.facebook.com/plugins/like.php?action=recommend&app_id=&channel=http%3A%2F%2Fstatic.ak.facebook.com%2Fconnect%2Fxd_arbiter%2FrFG58m7xAig.js%3Fversion%3D41%23cb%3Df14057a438%26domain%3Dtvanouvelles.ca%26origin%3Dhttp%253A%252F%252Ftvanouvelles.ca%252Ff19f980d1c%26relation%3Dparent.parent&color_scheme=light&container_width=0&font=arial&href=http%3A%2F%2Ftvanouvelles.ca%2Flcn%2Feconomie%2Farchives%2F2015%2F01%2F20150119-120611.html&layout=button_count&locale=fr_CA&sdk=joey" style="border-style: none; height: 20px; position: absolute; visibility: visible; width: 131px;" title="fb:like Facebook Social Plugin" width="1000px"></iframe></span></fb:like></div><div style="float: left; height: 25px; margin-left: 5px; overflow: hidden; width: 130px;"><iframe allowtransparency="true" class="twitter-share-button twitter-tweet-button twitter-share-button twitter-count-horizontal" data-twttr-rendered="true" frameborder="0" id="twitter-widget-0" scrolling="no" src="http://platform.twitter.com/widgets/tweet_button.26f01cfa05bff9af89657dcbd8f7b705.en.html#_=1425439797245&count=horizontal&dnt=false&id=twitter-widget-0&lang=en&original_referer=http%3A%2F%2Ftvanouvelles.ca%2Flcn%2Feconomie%2Farchives%2F2015%2F01%2F20150119-120611.html&size=m&text=Revenu%20Qu%C3%A9bec%20souhaite%20%C3%A9conomiser%205%20millions%20%24%20en%20papier&url=http%3A%2F%2Ftvanouvelles.ca%2Flcn%2Feconomie%2Farchives%2F2015%2F01%2F20150119-120611.html" style="height: 20px; width: 107px;" title="Twitter Tweet Button"></iframe></div></div><div class="clearer" style="clear: both; height: 0px; overflow: hidden;"></div><div id="blocTxt" style="margin: 5px 0px 0px; width: 436px;"><div id="blocAuteur" style="font-size: 16px; padding-bottom: 20px;"><span class="source" style="color: #6c6969;">Agence QMI</span><div class="clearer" style="clear: both; height: 0px; overflow: hidden;"></div></div><div id="txtBody" style="padding: 0px 0px 15px; width: 436px;"><div style="margin-bottom: 20px;">Le<strong> code d'accès ImpôtNet Québec</strong>, qui permet de <strong>transmettre électroniquement une déclaration de revenus</strong>, sera remplacé pour la déclaration de 2015. La prochaine période des déclarations de revenus sera donc la dernière à connaître des <strong>envois massifs de codes sur papier.</strong></div><div style="margin-bottom: 20px;">À compter de janvier 2016, un nouvel authentifiant simplifié sera intégré directement aux logiciels autorisés. De cette manière, Revenu Québec n'aura plus à expédier les codes d'accès, le code de téléchargement et le bordereau de paiement personnalisé.</div><div style="margin-bottom: 20px;">Cette nouvelle procédure permettra à Revenu Québec de réaliser des économies de papier considérables. Le nombre d'envois postaux et l'utilisation de papier s'en trouveront diminués de sorte que l'organisme estime éviter des dépenses de près de 5 millions $ par année.</div><div style="margin-bottom: 20px;">Cette décision concerne les particuliers qui envoient eux-mêmes leurs déclarations par Internet et les préparateurs accrédités, qui préparent les déclarations de revenus pour le compte d'une autre personne, pour autant qu'ils utilisent un logiciel autorisé par Revenu Québec.</div><h3>Un virage graduel</h3><div style="margin-bottom: 20px;">Pour la déclaration 2014, seuls les contribuables qui ont déjà adopté la transmission électronique recevront leur code d'accès. Ceux qui ont fait appel à un préparateur accrédité ou qui ont produit leurs déclarations sans l'aide d'un logiciel ne recevront pas ces envois postaux.</div><div style="margin-bottom: 20px;">Les particuliers qui souhaiteront adopter la transmission électronique pourront toujours le faire. Pour obtenir leur code d'accès, il leur sera possible d'obtenir leur code en ligne, grâce au service Info-code de Revenu Québec ou dans l'espace «Mon dossier» ou encore par téléphone. Il sera aussi possible d'imprimer un bordereau de paiement personnalisé.</div></div></div></div></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-61869248411404120242015-02-23T22:56:00.001-05:002015-02-23T22:56:12.062-05:00What happens to RRSPs in bankruptcy? | Advisor.ca<a href="http://www.advisor.ca/tax/tax-news/what-happens-to-your-clients-registered-accounts-in-bankruptcy-169146?utm_source=EmailMarketing&utm_medium=email&utm_campaign=PM_Bulletin">What happens to RRSPs in bankruptcy? | Advisor.ca</a><br /><br />
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<div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Your client just told you they declared bankruptcy. What will happen to their registered investment accounts?</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">The protection provided under Canadian law for registered investment products varies by type of account and insolvency proceeding. Here, we’ll focus primarily on Ontario.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">RRSPs and personal bankruptcy</strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">All provinces protect pensions well. For example, the <a href="http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_90i08_e.htm" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">Insurance Act of Ontario</a> states that if the<span class="sponsored-keyword" style="color: #2fa0d9; font-family: 'Franklin Gothic Medium', 'Trebuchet MS', Arial, sans-serif; font-size: 14pt; margin: 0px; padding: 0px;"><span class="keyword" style="margin: 0px; padding: 0px;">RRSP</span> </span>has a life insurance component, it is exempt from seizure if the beneficiary is your client’s grandparent, parent, spouse, child or grandchild. This includes plans made up of segregated funds.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">Read: <a href="http://www.advisor.ca/news/industry-news/should-clients-file-taxes-if-theyre-bankrupt-154337" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;">Should clients file taxes if they’re bankrupt?</a></strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Prior to 2009, if the beneficiary was the debtor’s estate, these funds would have been at risk. But that year, the federal government changed insolvency laws to provide further protection for RRSPs. Funds that have been on deposit for longer than 12 months are now protected. However, funds that aren’t otherwise protected by the Insurance Act can be seized if they were deposited in the 12 months immediately before your client declared bankruptcy.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">If your client has made contributions to an RRSP in the previous 12 months that are now at risk of seizure, he must either:</div><ol style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; list-style-position: inside; margin: 0px 0px 10px; padding: 0px;"><li style="line-height: 20px; margin: 0px 0px 10px; padding: 0px;">request that his bankruptcy trustee arrange for these contributions to be withdrawn. The trustee will be responsible for paying any taxes owing as a result of that withdrawal prior to distribution to creditors; or</li>
<li style="line-height: 20px; margin: 0px 0px 10px; padding: 0px;">pay the trustee the equivalent of the expected realizations (net of taxes) and leave their RRSP intact. Your client could pay this amount in installments over the term of their bankruptcy.</li>
</ol><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Unlike RRSPs, other registered accounts (such as RDSPs, RESPs and TFSAs) are not protected from seizure under Canada’s Bankruptcy and Insolvency Act. Any protection they may be entitled to are set out in each of the province’s Executions Acts. In most cases, a trustee is able to claim these assets for creditors (including Ontario). However, Alberta has recently made RESPs creditor-protected.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">Read: <a href="http://www.advisor.ca/my-practice/understanding-divorce-and-bankruptcy-159920" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;">Understanding divorce and bankruptcy</a></strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Recently, the federal government began its five-year review of the Bankruptcy and Insolvency Act. As part of that review, <a href="https://www.ic.gc.ca/eic/site/cilp-pdci.nsf/425f69a205e4a9f48525742e00703d75/c47da60946c2d2ac85257d18004b98d1/$FILE/Hoyes_Michalos_July_14_2014.pdf" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">my firm submitted a request to Industry Canada</a> for RESPs, RDSPs and other forms of registered investment products to be given the same level of protection as RRSPs. We’re hopeful they’ll correct this inequality.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">Consumer proposals are different</strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">A consumer proposal allows your client to negotiate a debt settlement agreement with their creditors, the main benefit being your client can keep their assets.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">If your client files a consumer proposal, all assets remain in their possession, including TFSAs, RDSPs, RESPs and RRSP contributions from the previous 12 months.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">What if your client has not yet declared bankruptcy, but is in financial trouble?</strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">There are two kinds of debt: secured and unsecured. Secured debts have some form of collateral pledged as surety for the debt. If your client defaults, the lender has the right to sell the collateral. Fortunately, RRSPs can’t be used as collateral.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Any debt that’s not supported by collateral is unsecured. In a default, unsecured creditors have the right of set-off and recourse through the courts. The right of set-off allows a lender to take funds from one account to pay down a debt in another account. But it doesn’t apply to registered investment products. So if your client owes the bank for a loan, the bank cannot seize your client’s RRSP for repayment.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"><strong style="margin: 0px; padding: 0px;">Read: <a href="http://www.advisor.ca/my-practice/rebuilding-clients-finances-after-bankruptcy-163984" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;">Rebuilding clients’ finances after bankruptcy</a></strong></div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Recourse through the courts means the lender has the right to sue your client in order to recover the debt. If the lender’s lawsuit is successful, the court will issue a judgment, usually followed by a Writ of Execution or a Writ of Seizure. These writs allow a creditor to seize bank accounts, garnishee wages, and register a claim with the sheriff or bailiff. The writs don’t allow the creditor to seize RRSPs, but they may allow the seizure of other registered accounts such as RESPs and RDSPs.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;">Should your client find them self in financial distress due to unsecured debts, your client shouldn’t assume their best solution is to liquidate RRSPs and other investments that may be protected under the law. At the same time, your client may want to take action to protect any assets that their creditors can seize. Depending on your client’s situation, debt restructuring through a consumer proposal or perhaps an assignment in bankruptcy (i.e., using a trustee) may make more sense.</div><div style="background-color: white; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px;"></div><div class="credit-footnote" style="background-color: white; background-image: url(http://www.advisor.ca/wp-content/themes/advisor/Images/bkgd_dotted-line-nav-bottom.png); background-position: 0% 0%; background-repeat: repeat-x; clear: left; color: #464646; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; margin: 0px; padding: 10px 0px;"><a href="http://www.advisor.ca/columnists/ted-michalos" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;">Ted Michalos</a> is founder and trustee of <a href="http://www.hoyes.com/" style="color: #406c8b; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;" target="_blank"><em style="margin: 0px; padding: 0px;">Hoyes, Michalos & Associates.</em></a></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-35596632569357498702015-02-10T10:38:00.001-05:002015-02-10T10:38:43.930-05:00Automobile allowance rates<a href="http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/tmbl/llwnc/rts-eng.html">Automobile allowance rates</a><br /><br />
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<h1 id="wb-cont" property="name" style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 34px; line-height: 1.1; margin: 38px 0px 11.5px;">Automobile allowance rates</h1><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">The automobile allowance rates for <span style="box-sizing: border-box; font-weight: 700;">2015</span> are:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">55¢ per kilometre for the first 5,000 kilometres driven; and</li>
<li style="box-sizing: border-box;">49¢ per kilometre driven after that.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">The automobile allowance rates for <span style="box-sizing: border-box; font-weight: 700;">2013 </span>and<span style="box-sizing: border-box; font-weight: 700;"> 2014</span> are:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">54¢ per kilometre for the first 5,000 kilometres driven; and</li>
<li style="box-sizing: border-box;">48¢ per kilometre driven after that.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">The automobile allowance rates for <span style="box-sizing: border-box; font-weight: 700;">2012</span> are:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">53¢ per kilometre for the first 5,000 kilometres driven; and</li>
<li style="box-sizing: border-box;">47¢ per kilometre driven after that.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel.</div><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">The automobile allowance rates for <span style="box-sizing: border-box; font-weight: 700;">2010</span> and <span style="box-sizing: border-box; font-weight: 700;">2011 </span>are:</div><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;">52¢ per kilometre for the first 5,000 kilometres driven; and</li>
<li style="box-sizing: border-box;">46¢ per kilometre driven after that.</li>
</ul><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">In the Northwest Territories, Yukon, and Nunavut, there is an additional 4¢ per kilometre allowed for travel.</div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-69276248496484627842015-01-21T12:07:00.001-05:002015-01-21T12:07:13.576-05:00Interest rate surprise: Bank of Canada drops key lending rate to 0.75 per cent | CTV News<a href="http://www.ctvnews.ca/business/key-interest-rate-unexpectedly-lowered-1.2198493#.VL_b5PLnhy0.blogger">Interest rate surprise: Bank of Canada drops key lending rate to 0.75 per cent | CTV News</a><br /><br />
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<div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">OTTAWA -- The looming threat of sliding oil prices forced the Bank of Canada to drop its trend-setting interest rate Wednesday, a surprising move that shows just how much the country's economic outlook has soured in a matter of months.</div><ul style="font-family: arial, verdana, sans-serif; font-size: 14px; margin: 0px; padding: 0px;"><li style="line-height: 1.3;"><strong><a href="http://www.ctvnews.ca/video?clipId=535215&playlistId=1.2198480&binId=1.810401&playlistPageNum=1&binPageNum=1" style="color: #006699; text-decoration: none;" target="_top">WATCH LIVE: Bank of Canada governor Stephen Poloz speaks</a></strong></li>
</ul><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;"><a href="http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/" style="color: #006699; text-decoration: none;" target="_blank">The central bank,</a> which nudged its key rate down to 0.75 per cent from one per cent, said the rapid oil-price collapse has created many unknowns around economic growth in the oil-exporting nation.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">Until the effects of oil's late-2014 tailspin started to trickle through, Canada appeared to be on the cusp of a promising post-recession rebound -- and inching closer to a rate hike.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">"The large decline in oil prices will weigh significantly on the Canadian economy," the Bank of Canada said in its quarterly monetary policy report, which it also released Wednesday.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">"Given the speed and magnitude of the oil-price decline, there is substantial uncertainty around the likely level for oil prices and their impact on the economic outlook for Canada."</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The loonie dropped after the announcement by 1.12 cents US to 81.48 cents US -- its lowest level since late April 2009, the last time the bank cut its overnight rate.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The decision Wednesday marked the first time the rate budged at all since September 2010 when the central bank raised it by a quarter point to one per cent.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The Bank of Canada was widely expected to once again stand pat on its rate Wednesday, with most economists projecting an increase in late 2015 or early 2016.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The central bank, however, predicts the impact of falling oil prices to overshadow encouraging signs of economic life spotted outside the weakening energy sector, such as rising foreign demand, a boost in exports and job growth.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">"The oil-price shock is occurring against a backdrop of solid and more broadly based growth in Canada in recent quarters," the bank said.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">"While business investment had been showing some encouraging signs in the third quarter of 2014, the near-term outlook appears much-less positive."</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The bank also said the oil-price drop will have an adverse effect on income and wealth, which would reduce the growth of domestic demand. It also expected additional negatives on consumption and public finances.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The rate decrease aims to soften the blow of cheaper crude.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The Bank of Canada said lowering the rate was intended to "provide insurance" against risks posed by low oil to the country's inflation and its financial stability.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">It predicted Canada's fortunes to also receive a boost from the ever-strengthening U.S. economy, an country expected to benefit from lower crude prices.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The bank's concerns over the oil slump come as some Canadian industries reel from the sharp plunge in crude prices, which are down more than 55 per cent since June.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The decline in oil prices is also expected to shave billions of dollars from the bottom lines of federal and provincial governments.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">Last week, the federal government took the rare step of delaying the budget until at least April, so it could assess the effect of tumbling crude.</div><div class="right-c" style="font-family: arial, verdana, sans-serif; font-size: 14px; margin: 0.5em 0px; padding: 0.25em; width: 270px;"><h2 style="font-size: 0.95em; margin-bottom: 0.25em; text-transform: uppercase;">RELATED STORIES</h2><ul style="color: #999999; font-size: 0.7em; list-style-position: outside; list-style-type: square; margin: 0px 0px 0px 1.5em; padding: 0px;"><li class="line" style="font-weight: bold; line-height: 1.3; padding: 0px 0px 0.5em;"><div class="linkList"><a href="http://www.ctvnews.ca/mobile/business/loonie-tumbles-after-canadian-interest-rate-surprise-1.2198847" style="color: #006699; font-size: 1.2em; text-decoration: none;">Loonie tumbles after Canadian interest rate surprise</a></div></li>
<li class="line" style="font-weight: bold; line-height: 1.3; padding: 0px 0px 0.5em;"><div class="linkList"><a href="http://www.ctvnews.ca/mobile/business/tsx-surges-on-news-of-interest-rate-reduction-1.2198487" style="color: #006699; font-size: 1.2em; text-decoration: none;">TSX surges on news of interest rate reduction</a></div></li>
</ul></div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">In November, federal Finance Minister Joe Oliver warned falling oil prices could cut $2.5 billion per year from the federal books between 2015 and 2019. Since that calculation, the price of crude has tumbled even further, from about US$80 per barrel to under US$50.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">Experts believe the federal books for 2015-16 will come close to running another deficit, despite the Harper government's assertions it will deliver on its long-held vow to balance the budget.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">An analysis Tuesday by the Conference Board of Canada predicted plummeting world oil prices to gnaw $4.3 billion from the Canadian government's 2015 income and deliver a nearly $10-billion hit to the provinces in royalties and tax revenue.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">In the monetary policy report Wednesday, the central bank predicted the country's headline inflation rate to temporarily dip to one per cent -- below the bank's target range -- before climbing back up to two per cent in the second half of the year.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The central bank also highlighted persistent problems in Canada's labour market, where it found long-term unemployment was still close to its "post-crisis peak."</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">It said average hours worked remained low and the proportion of people who could only find part-time work was still high.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The bank predicted the pace of Canada's economic growth -- measured by the real gross domestic product -- to slow to roughly 1.5 per cent in the first half of 2015 and for the output gap to widen.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">It projected the Canadian economy to gather steam in the second half of the year, allowing real GDP growth to average 2.1 per cent in 2015 and 2.4 per cent in 2016.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The bank's estimates were based on oil prices of US$60 per barrel, which is higher than current prices that are below US$50.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The report said if oil were to remain close to US$50, real GDP growth would dip to 1.25 per cent in the first half of 2015.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">In its last monetary policy report -- in October -- the Bank of Canada predicted 2.4 per cent growth for 2015.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">Since then, oil prices have dropped by more than 40 per cent.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">In his October report, bank governor Stephen Poloz warned the extended period of an already-low interest rate of one per cent had propelled consumer spending to near-record-high housing prices and debt.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">At the time, Poloz cautioned the low-rate environment had left Canadian households exposed to economic shocks.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">On Wednesday, the bank reiterated the warning that Canada's indebted households remained vulnerable.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">A fresh unknown -- the oil collapse -- has now been added to the mix.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">"The precise magnitude of the impact of the fall in oil prices on household income, spending and, ultimately, on existing imbalances is highly uncertain," said the report, which still maintained its prediction of a soft landing for the housing market.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;">The Bank of Canada is scheduled to make its next interest-rate announcement March 4, while its next monetary policy report is due April 15.</div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;"><iframe frameborder="0" height="371" scrolling="no" seamless="" src="https://docs.google.com/spreadsheets/d/1I6VprG_VmxfNG_8vrKWPjKjCAYVD-6Wdl81JWxDChkw/pubchart?oid=283725341&format=interactive" style="border-width: 0px; margin: 0px; padding: 0px;" width="600"></iframe></div><div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;"><strong>The loonie's ups and downs over a 10-year period</strong></div><iframe frameborder="0" height="371" scrolling="no" seamless="" src="https://docs.google.com/spreadsheets/d/1BtYvEMrHOalR9V6SsWqySK7Sn4mF46deWU3BiWKkC8Y/pubchart?oid=899177699&format=interactive" style="border-width: 0px; font-family: arial, verdana, sans-serif; font-size: 14px; margin: 0px; padding: 0px;" width="600"></iframe><span style="font-family: arial, verdana, sans-serif; font-size: 14px;"></span><br /><br />
<div style="font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 1.3; margin-top: 19px;"><em>Adjust date range using interactive slider</em></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-45463945862532278222015-01-04T22:49:00.001-05:002015-01-04T22:49:14.418-05:00What’s new for this tax-filing season?<a href="http://www.cra-arc.gc.ca/nwsrm/txtps/2014/tt141208-eng.html?rss">What’s new for this tax-filing season?</a><br /><br />
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<h2 style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 26px; line-height: 1.1; margin-bottom: 11.5px; margin-top: 38px;">Did you know?</h2><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">You may be eligible for new or improved tax relief measures and online services when filing your 2014 income tax and benefit return.</div><h3 style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 22px; line-height: 1.1; margin-bottom: 11.5px; margin-top: 32px;">Important facts</h3><ul style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px; margin-top: 0px;"><li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/gncy/bdgt/chldrnsftnss2014-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Children's fitness amount</a> - Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa01-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Search and rescue volunteer amount</a> - As a search and rescue volunteer, you may be able to claim an amount of $3,000.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa10-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Family Tax Cut</a> - A proposed non-refundable tax credit of up to $2,000 is available to eligible couples with children under the age of 18, and is effective starting with the 2014 tax year.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa11-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Universal Child Care Benefit (UCCB) </a>- Under proposed changes, this benefit is being increased for children under age six. Effective January 1, 2015, parents will be eligible for a benefit of $160 per month for each eligible child under the age of six - up from $100 per month. Under proposed changes to expand the UCCB, parents may also receive a benefit of $60 per month for eligible children ages six through 17. Payments of the additional amount and expanded amount will start in July of 2015.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/101/mrgncy-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Emergency services volunteers</a> - Rules for the $1,000 exemption for emergency services have changed.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/313/menu-eng.html" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Adoption expenses</a> - The maximum amount of eligible expenses for each child has been increased to $15,000.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/medical" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Medical expenses</a> - Amounts paid as salary for designing of personalized therapy plans for persons eligible to claim the disability tax credit and costs for service animals used to help manage severe diabetes, are now eligible as medical expenses.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns409-485/412/" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Investment tax credit</a> - Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2015.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/gsthstcredit" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">GST/HST credit</a> - You no longer have to apply for the goods and services tax/harmonized sales tax (GST/HST) credit. When you file your return, the Canada Revenue Agency (CRA) will determine your eligibility and will advise those who are eligible to receive the credit. If you have a spouse or common-law partner, only one of you can receive the credit. The credit will be paid to the person whose return is assessed first. The amount will be the same, regardless of who (in the couple) receives it.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/myaccount" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Online mail</a> - When you register for online mail, you'll have instant access to your tax records anytime, anywhere. Choose to receive an email notification that your notice of assessment or reassessment is available online. Provide us with an email address on your T1 return or register directly online starting February 2015 at<a href="http://www.cra-arc.gc.ca/myaccount" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">www.cra.gc.ca/myaccount</a>.</li>
<li style="box-sizing: border-box;"><a href="http://www.cra-arc.gc.ca/mobileapps" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">Mobile application</a>: In February 2015, the CRA will be launching a mobile app for individual taxpayers.</li>
</ul><h3 style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 22px; line-height: 1.1; margin-bottom: 11.5px; margin-top: 32px;">CRA online services make filing easier and getting your refund faster</h3><div style="background-color: white; box-sizing: border-box; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; line-height: 23px; margin-bottom: 11.5px;">The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, receive your notice of assessment, and more. Did you know that the Government of Canada is switching to direct deposit for all payments that it issues? This includes your tax refund and benefit payments. Sign up for direct deposit today! For more information, go to <a href="http://www.cra-arc.gc.ca/getready" style="background: 0px 0px; box-sizing: border-box; color: #7834bc;">www.cra.gc.ca/getready</a>.</div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-85898790189752783382014-03-12T14:30:00.001-04:002014-03-12T14:30:34.140-04:00Marois says rest of Canada would be welcome to visit independent Quebec | CTV Montreal News<a href="http://montreal.ctvnews.ca/marois-says-rest-of-canada-would-be-welcome-to-visit-independent-quebec-1.1724491#.UyCmYWQK-nI.blogger">Marois says rest of Canada would be welcome to visit independent Quebec | CTV Montreal News</a><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-70396065135894304662014-02-14T09:09:00.001-05:002014-02-14T09:09:03.387-05:00Direct deposit<h1 id="wb-cont">Direct deposit</h1><div class="span-6">The Government of Canada will increase the use of direct deposit by phasing out federal government cheques by April 2016.<br /><br />
<details class="polyfill open"><summary aria-expanded="true" role="button" style="-ms-user-select: none;" tabindex="0">Why choose direct deposit payments?</summary><ul style="display: block;"><li><strong>Convenient</strong>—Faster access to your money. There is no risk of your money being held up as a result of unforeseen delivery issues.</li>
<li><strong>Reliable</strong>—Your payment will always be on time, and your money can begin to earn interest right away.</li>
<li><strong>Secure</strong>—Direct deposit is fast, reliable and safe. There is virtually no risk of your payment being lost, stolen or damaged.</li>
<li><strong>Low-cost</strong>—With fewer cheques to print and mail, we are saving Canadian taxpayers' money. The cost to produce a cheque is approximately 82 cents while a direct deposit payment costs about 13 cents.</li>
</ul></details><details class="polyfill open"><summary aria-expanded="true" role="button" style="-ms-user-select: none;" tabindex="0">Myths vs. facts about direct deposit</summary><div style="display: block;"><strong>Myth:</strong> I'll always be able to get a cheque from the Government of Canada and have it mailed to me.</div><div style="display: block;"><strong>Fact:</strong> More and more Canadians are using direct deposit. The Government of Canada is committed to using taxpayer dollars wisely and increasing the use of direct deposit by phasing out cheques by April 2016. This transition will contribute significant savings through the reduction in the use of paper and related cheque-printing and delivery costs.</div><div style="display: block;"><strong>Myth:</strong> When I sign up for direct deposit and give my banking information, the Canada Revenue Agency (CRA) can also use this information to take any money I may owe from my bank account.</div><div style="display: block;"><strong>Fact:</strong> If you owe money to the CRA, giving your banking information will not trigger the process of withdrawing money from your bank account. When you register for direct deposit, you <strong>do not</strong> authorize the CRA to withdraw money from your bank account. When a taxpayer owes money to the CRA and must make payments, the CRA works with the taxpayer to come to an agreement. The CRA can only withdraw money from a taxpayer’s account when a garnishment is in place. A garnishment is a legal procedure to withdraw money from a bank account.</div><div style="display: block;"><strong>Myth:</strong> My banking information may not be safe if I sign up for direct deposit.</div><div style="display: block;"><strong>Fact:</strong> The CRA uses the same high levels of security that financial institutions use to protect your banking information. Go to <a class="ui-link" href="http://www.cra-arc.gc.ca/esrvc-srvce/tx/psssrvcs/pss_fq/scrty-eng.html">Security</a> for more information about security and the CRA.</div></details><details class="polyfill open"><summary aria-expanded="true" role="button" style="-ms-user-select: none;" tabindex="0">Are you moving?</summary><div style="display: block;">If you move, let us know your new address <strong>as soon as possible</strong>. <strong>Otherwise, your payments may stop,</strong> whether you receive them by cheque or direct deposit.</div></details><details class="polyfill open"><summary aria-expanded="true" role="button" style="-ms-user-select: none;" tabindex="0">Are you changing your bank account information?</summary><div style="display: block;">If you are changing any bank account held in Canada into which we deposit a payment, be sure to tell us about your new bank account. In addition, <strong>do not close the old bank account before we deposit the payment into the new bank account</strong>.</div><div style="display: block;">If your financial institution in Canada notifies us of a change in your banking information, we will deposit your payments into the new bank account.</div></details></div><div class="clear"></div><div class="span-6"><div class="span-4 row-start"><h2>Individuals</h2>Only one form to fill out and you’re done! The Government will deposit <strong>all</strong> payments from different federal departments directly in <strong>your</strong> bank account.<br /><br />
<h3>Online</h3>If you are registered for <a class="ui-link" href="http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html">My Account</a>, you can sign up for direct deposit now. If you are not yet registered, find out how using My Account can help you quickly and easily manage your tax affairs online.<br /><br />
<h3>By mail</h3>Follow these two easy steps to sign up for direct deposit:<br /><br />
<ol><li>Fill out the <a class="ui-link" href="http://www.tpsgc-pwgsc.gc.ca/recgen/dd/res-canada-eng.html" rel="external">Direct Deposit Enrolment Form</a>.</li>
<li>Mail it to the address indicated on the form.</li>
</ol><h3>By phone</h3>To sign up for direct deposit, or change your banking information, call <span class="wrap-none">1-800-959-8281</span>.</div><div class="wet-boew-multimedia span-2 row-end" data-load="multimedia" id="wet-boew-mediaplayer0"><h3>Video - Direct deposit for individuals:</h3><button class="wb-mm-overlay" data-role="none" style="height: 159.5px;" title="Play" type="button"><svg aria-label="Play" height="100" role="img" version="1.1" width="100" xmlns="http://www.w3.org/2000/svg"><g transform="scale(5)"><rect height="20" rx="3" ry="3" style="fill: #000; opacity: 0.4;" width="20"><polygon fill="#fff" points="5,5 15,10 5,15" style="fill: #fff;"></polygon></rect></g></svg></button><div class="wb-mm-controls"><div class="wb-mm-controls-start"><button aria-controls="wet-boew-mediaplayer0-media" class="rewind" data-role="none" title="Rewind" type="button"><svg aria-label="Rewind" height="20" role="img" version="1.1" width="20" xmlns="http://www.w3.org/2000/svg"><g 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6.4043"></path></path></g></svg></button><button aria-controls="wet-boew-mediaplayer0-media" class="mute" data-role="none" title="Mute" type="button"><svg aria-label="Mute" height="20" role="img" version="1.1" width="20" xmlns="http://www.w3.org/2000/svg"><g><path d="M 12.4767 4.59949 L 9.34093 7.73527 L 5.54315 7.73527 L 5.54315 12.2299 L 9.32351 12.2299 L 12.4767 15.4005 L 12.4767 4.59949 Z"></path></g></svg></button></div><div class="wb-mm-timeline" tabindex="0"><div class="wb-mm-timeline-current"><span class="wb-invisible">Current position:</span><span>00:00:00</span></div><div class="wb-mm-timeline-total"><span class="wb-invisible">Total time:</span><span>--:--:--</span></div><div class="wb-mm-timeline-inner"><span class="wb-invisible">Playback percentage:</span><progress aria-live="off" max="100" value="0"></progress></div></div></div><a class="ui-link" href="http://www.cra-arc.gc.ca/vdgllry/ndvdls/menu-eng.html?vclp=ndvdls/drctdpst-eng&fmt=mp4">Play full size version of the<br />video (1:00 min.)</a> | <a class="ui-link" href="http://www.cra-arc.gc.ca/vdgllry/ndvdls/drctdpst-rv13-eng.html" title="Alternative formats and transcript: Direct Deposit">Alternative formats and transcript</a></div><div class="clear"></div><h2>Businesses</h2>Follow these two easy steps to sign up for direct deposit:<br /><br />
<ol><li>Fill out <a class="ui-link" href="http://www.cra-arc.gc.ca/E/pbg/tf/rc366/">RC366, Direct Deposit Request for Businesses</a>.</li>
<li>Mail it to one of the <a class="ui-link" href="http://www.cra-arc.gc.ca/cntct/prv/txcntr-eng.html">tax centres</a>.</li>
</ol>For questions about direct deposit, call 1-800-959-5525.<br /><br />
<h2>Suppliers</h2>Follow these two easy steps to sign up for direct deposit for accounts receivable:<br /><br />
<ol><li>Fill out Form <a class="ui-link" href="http://www.cra-arc.gc.ca/E/pbg/tf/rc231/">RC231, Vendor Electronic Payment Registration Request</a>.</li>
<li>Mail the form and a void cheque to the address on the form.</li>
</ol></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-54111308616963810122014-02-06T09:56:00.001-05:002014-02-06T09:56:49.225-05:00FATCA deal finalized | Advisor.ca<h1>FATCA deal finalized</h1><div class="byline"> Dean DiSpalatro, with files from Canadian Press / February 5, 2014 </div><!-- Feature Image - start --> <br /><br />
<div class="alignleft"><div class="wp-caption feature-image"><img alt="Canada-U.S-flag" class="attachment-feature wp-post-image" height="186" src="http://www.advisor.ca/wp-content/uploads/2012/04/Canada-U.S-flag.jpg" title="FATCA deal finalized" width="248" /> </div></div><!-- Feature Image - end --> <br /><br />
Canadian financial institutions won’t be required to report directly to American tax authorities, Finance Minister Jim Flaherty announced Wednesday.<br /><br />
<strong>Read: <a href="http://www.advisor.ca/tax/tax-news/whos-on-the-hook-for-fatca-136765">Who’s on the hook for FATCA?</a></strong><br /><br />
Canada’s reached an agreement with the U.S. about FATCA. Canadian banks would report relevant information on accounts held by U.S. residents or citizens to CRA, which would share it with the IRS under existing tax treaty rules — making it consistent with Canadian privacy laws, said senior government officials.<br /><br />
Even better news is, Canadian financial institutions won’t have to report on accounts smaller than $50,000. It also exempts RRSPs, RDSPs, RESPs, RRIFs and TFSAs.<br /><br />
Today’s deal puts additional pressure on Americans living in Canada who, intentionally or not, haven’t been filing to the IRS, says Kevyn Nightingale, a tax expert at MNP LLP.<br /><br />
“The IRS has two main programs for people in these circumstances. The main one, which applies to the overwhelming majority of Americans in Canada, is called the streamlined approach. It requires three years of returns and six years of FBARs. There’s no guarantee there won’t be penalties, but it’s incredibly rare for the IRS to apply penalties to an American living in Canada using the streamlined approach.”<br /><br />
Today’s deal means the odds of showing up on IRS’ radar just rose dramatically for those who don’t make good with Uncle Sam.<br /><br />
“You know the information in your Canadian bank is going to be transmitted to the IRS. Up until now you’ve been able to believe that they’re not going to know about you. If you come forward there’s a good chance of having little or no penalties; if they find you, you can expect penalties. And they’re going to find people to make examples of.”<br /><br />
Nightingale adds that clients of investment advisors “are good targets. They don’t want a low-income single mother to make an example of.”<br /><br />
The Investment Industry Association of Canada (IIAC) welcomes the deal. “This agreement will greatly reduce the burden of compliance for financial institutions and the risk of unintended consequences to Canadians by requirements imposed under [FATCA],” it said in a statement.<br /><br />
<strong>Read: <a href="http://www.advisor.ca/tax/tax-news/fatca-adds-to-kyc-burden-for-advisors-120035">FATCA adds to KYC burden for advisors</a></strong><br /><br />
“FATCA alone would have required Canadian financial institutions to close client accounts [and] could have imposed U.S. tax withholding and penalties on persons with no connection to the United States.”<br /><br />
<h2>More details</h2>The IRS will also provide more information on certain accounts of Canadian residents in U.S. financial institutions, it said.<br /><br />
Local banks with 98% or more of their account value with Canadian residents, as well as small financial institutions with assets totalling less than $175 million — such as credit unions — are also exempt, officials said.<br /><br />
Although financial institutions will have to start collecting the information in July, officials say the CRA isn’t expected to start sharing the information with the IRS until 2015.<br /><br />
Canadian bankers had previously said that such an arrangement would be an improvement over what the U.S. initially wanted, but it’s not ideal.<br /><br />
They say current Canadian law does not require banks to ask clients whether they are also U.S. citizens and changing bank procedures could cost tens of millions of dollars in administrative fees.<br /><br />
<strong>Read: <a href="http://www.advisor.ca/news/industry-news/rick-mercer-makes-fun-of-fatca-142852">Rick Mercer makes fun of FATCA</a></strong><br /><br />
The U.S. Foreign Account Tax Compliance Act, which takes effect in July, would compel Canadian banks to report information about anyone considered a U.S. resident or citizen directly to the IRS.<br /><br />
<br /><br />
<div class="publishing-footnote clearfix"> Originally published on Advisor.ca </div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-78342126842610790182014-02-02T23:54:00.001-05:002014-02-02T23:54:59.358-05:00Revenu Québec - Deduction Limits and Rates for 2014 Applicable to the Use of an Automobile - Press RoomDeduction Limits and Rates for 2014 Applicable to the Use of an Automobile <br />
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In calculating the taxable benefits related to the use of an automobile or the automobile expenses that can be deducted for income tax purposes, you must take into account certain limits and prescribed rates. The limits and rates for 2014, which are the same as those for 2013, are listed below: <br />
For purposes of capital cost allowance (CCA), the ceiling on the capital cost of passenger vehicles is $30,000 (plus GST and QST) for vehicles purchased after 2013. <br />
The limit on deductible leasing costs is $800 per month (plus GST and QST) for leases entered into after 2013. Under a separate restriction, deductible leasing costs are prorated where the value of the passenger vehicle exceeds the capital cost ceiling. <br />
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes remains 54 cents per kilometre for the first 5,000 kilometres and 48 cents for each additional kilometre. <br />
The maximum allowable interest deduction for amounts borrowed to purchase a passenger vehicle is $300 per month for loans related to vehicles acquired after 2013. <br />
The prescribed rate used to determine the taxable benefit respecting the portion of operating expenses which relates to an employee's personal use of an automobile provided by the employer remains 27 cents per kilometre. For taxpayers employed principally in selling or leasing automobiles, the prescribed rate remains 24 cents per kilometre.<div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-61081108391023713502014-02-02T12:57:00.001-05:002014-02-02T12:57:05.142-05:00Student Loan Debt Relief - MoneyProblems.ca<h1 class="entry-title">Student Loan Debt Relief</h1><div class="entry-meta"><span class="details">Apr 8, 2011</span><br />
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<div class="entry-content"><img alt="STudent Loan Debt Relief" class="alignleft size-full wp-image-9620" data-lazy-loaded="true" height="151" src="http://www.moneyproblems.ca/wp-content/uploads/2013/05/studentLoan_coins.jpg" style="display: inline;" width="200" /><noscript>&amp;lt;img class="alignleft size-full wp-image-9620" alt="STudent Loan Debt Relief" src="http://www.moneyproblems.ca/wp-content/uploads/2013/05/studentLoan_coins.jpg" width="200" height="151" /&amp;gt;</noscript>For a number of people seeking student loan debt relief, bankruptcy<em></em> might seem like the only debt solution. But is it, really?<br /><br />
In general, your student loans will only be discharged in a <a href="http://www.moneyproblems.ca/debt-relief-options/bankruptcy/">personal bankruptcy</a> in Canada if you have ceased to be a student (full or part time) for at least seven years.<br /><br />
There is a ‘hardship’ rule that says that a bankrupt with student loans may apply to court to have their student loan debt reduced or discharged after five years. But the flip side of this is that the government can still oppose your bankruptcy discharge for student loans and request that you pay back some or all of your student loan debt.<br /><br />
<h2>Student Loan Debt Relief Alternatives</h2>It is worth noting that when it comes to dealing with student loans, bankruptcy is not the only choice. You have a few options.<br /><br />
<strong>Negotiate payment terms you can afford</strong>. You could talk to your Canadian and provincial student loans lender (the bank, the government, or the collection agency), and try to work out payment arrangements and get some debt relief. You can also try a <a href="http://www.moneyproblems.ca/debt-relief-options/debt-consolidation/">debt consolidation</a> loan to consolidate your student loan debt with other debts like credit card debt. By lowering your interest cost you may be able to manage your monthly payments and reduce your student loan debt sooner.<br /><br />
<strong>File a consumer proposal</strong>. If you do not qualify for a student loan debt consolidation loan, debt relief may be possible by filing a <a href="http://www.moneyproblems.ca/debt-relief-options/consumer-proposal/">consumer proposal</a>. This strategy is particularly successful if you are working and have the ability to pay something, but not the full amount, and only need more time to pay off all of your debts.<br /><br />
Consumer proposals can only be filed by a licensed bankruptcy trustee. Even if your student loan debt is less than 7 years old, you may be able to deal with your other debts, like credit card debt. This will reduce your monthly debt payments making repaying your student loan debt possible.<br /><br />
<strong>Bankruptcy</strong>. Your last resort for relief from student loan debt is bankruptcy. However remember, Canadian student loans in bankruptcy are only automatically discharged if they are more than 7 years old.<br /><br />
If you need help with your student loan or other debts — and you want a free, professional assessment of your current financial situation — <a href="http://www.moneyproblems.ca/contact-an-advisor/">contact an expert today</a>.</div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0tag:blogger.com,1999:blog-873223189135614761.post-80690359848502554662014-02-02T12:33:00.001-05:002014-02-02T12:33:12.230-05:007 Tips To Getting a Loan after a Bankruptcy Discharge - MoneyProblems.ca<h1 class="entry-title">7 Tips To Getting a Loan after a Bankruptcy Discharge</h1><div class="entry-meta"><span class="details">Aug 8, 2013 </span><br /><br />
<br />
</div><!-- .entry-meta--> <br /><br />
<div class="entry-content"><img alt="Loan after bankruptcy" class="alignleft size-full wp-image-12007" data-lazy-loaded="true" height="176" src="http://www.moneyproblems.ca/wp-content/uploads/2013/08/loan-approved.jpg" style="display: inline;" width="265" /><noscript>&amp;lt;img class="alignleft size-full wp-image-12007" alt="Loan after bankruptcy" src="http://www.moneyproblems.ca/wp-content/uploads/2013/08/loan-approved.jpg" width="265" height="176" /&amp;gt;</noscript>If you have filed for bankruptcy, then you are far from alone. Even though it can be very disheartening and stressful, it is by no means the end of the world, nor the end of your credit worthiness. If you plan carefully and learn to manage your money better, you will be able to improve your credit score and qualify for a loan sooner than you think.<br /><br />
<b>Get Your Discharge ASAP</b><br /><br />
Don’t allow your bankruptcy to sit on the books and on your credit for longer than necessary. Have a serious talk with your trustee about your goals to get back to credit worthiness. <a href="http://bankruptcy-canada.com/how-to-file-bankruptcy-canada/duties-during-bankruptcy/" target="_blank">Complete all your bankruptcy duties</a> including making your payments in full and on time. Failure to complete your duties will result in a longer bankruptcy, increasing the time your bankruptcy will remain on your credit report as well.<br /><br />
<b>Complete Your Credit Counselling</b><br /><br />
Take advantage of the credit counselling classes that are part of your bankruptcy duties. Ask your credit counsellor to help you understand where you went wrong so you can manage your money better going forward. Learn budgeting skills and how to use credit properly so you can build better habits for a stronger financial future.<br /><br />
<b>Start Saving Money</b><br /><br />
After your discharge, and before you begin to rebuild your credit, it is a good idea to have a budget in place. This will allow you to keep track of where your money goes, and how much of it can be cut back. The goal is to start spending less than you earn. Check with local community organizations for some free budgeting classes. You need to put together an emergency fund that will carry you for at least 4 months in the event of job loss or injury. You will never get ahead if you have to file bankruptcy every time a twist comes in the road.<br /><br />
<b>Never Miss A Payment</b><br /><br />
No matter what you do to try and repair your credit, it will all be useless if you continue to have negative behaviour reported in your credit history. The best thing that you can do for you credit is to always pay your bills on time.<br /><br />
<b>Begin To Rebuild Your Credit</b><br /><br />
Once you have your emergency fund saved up, it is time to begin rebuilding your credit. Secured credit cards as well as unsecured credit cards are available just to help people build credit, or rebuild bad credit. The offers that you will receive on a secured credit card will have high interest rates and high annual fees. Here’s the trick. Use these cards in place of cash – do not build up your debt again.<br /><br />
When you decide on a card, please note that though it may be easier to get a secured credit card from a third party finance company it looks more favorable to get one from a bank or credit union. Other institutions in the position to give you money prefer people who re-established their credit with a mainstream lender.<br /><br />
<b>Use Credit Carefully</b><br /><br />
Never use more than 30% of your credit limit. For the best results, pay a small monthly bill like the electric bill with it. Wait for the statement to run, then pay off the balance in full. Do this every month, and this will save you from accruing high interest rates while keeping your monthly balance low.<br /><br />
<b>Take On Loans Again</b><br /><br />
After your credit score has been reinstated and you have some savings you can begin taking on loans again. Keep in mind that your first bankruptcy stays on your credit report for 6 to 7 years. Even after those years are up, you are required to inform lenders that you have declared bankruptcy before. This could affect your chances of approval. However, there are personal loan lenders in Canada who seek out individuals who have been discharged from bankruptcy because at that point those individuals tend not to have any existing debt burden, hold a strong debt to income ratio and thus make good candidates for loans.<br /><br />
Remember that initially any loan you may qualify for will have a high interest rate. To improve your chances of getting a mortgage, it is best to continue your saving until you have more than 5% to put down, and that you have homeowner mortgage loan insurance. The bigger your deposit though, the lower your rate.<br /><br />
Generally it will take two years of established credit from the date of your discharge before you will qualify for a loan as large as a mortgage.<br /><br />
Always consult with a trustee before declaring bankruptcy, as they may have options that work better for your situation.<br /><br />
<i>This article was written by Cris Ravazzano, a web strategist and writer for <a href="http://loanscanada.ca/" target="_blank">LoansCanada.ca</a></i></div><div class="blogger-post-footer">>>> www.maxi-pret.com <<<</div>ddddhttp://www.blogger.com/profile/00849662060220067839noreply@blogger.com0